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Business News

Sony slashes prices of PlayStation

Sony is slashing the price of its basic PlayStation 3 gaming console by nearly a fifth, hoping to jump-start sales of a five-year old device losing ground to Microsoft's Xbox.

Sony, which has been struggling to recover from a massive hacking effort that turned up serious security flaws on its PlayStation network, unveiled the cuts just months before the peak US holiday shopping season gets into gear.

The price tag on the 160 GB version has fallen to £200 in the UK and from €299 to €249 in Europe and from $299 to $249 in the US. In Japan, the basic console's price has also been slashed to 24,980 yen, from 29,980 yen.